How does climate change play into their thinking? Of course, there is no evidence climate change caused Hurricane Sandy. But that won’t calm the insurance industry. As once executive explained , it doesn’t matter whether insurers believe in man-made climate change. The number of weather-related events nearly quintupled in North America over the past three […]
Tag Archives | Insurance
NFIP Extended for 5 Years with Changes
Posted on July 10, 2012
Last Friday the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012 was signed into law. The law extends the National Flood Insurance Program (NFIP) for five years and makes reforms to the program. One of the biggest changes for hurricane-prone areas is the cleverly named “Consumer Option for an Alternative System to Allocate Losses” […]
Growing Agreement that Taxpayers Shouldn’t Subsidize Risky Coastal Development
Posted on March 14, 2012
From today’s New York Times: Insurance companies got out of the business of writing flood insurance decades ago, so much of the risk from sea level rise is expected to fall on the financially troubled National Flood Insurance Program, set up by Congress, or on state insurance pools. Federal taxpayers also heavily subsidize coastal development […]
Mississippi to be Dropped from the National Flood Insurance Program?
Posted on December 8, 2011
A troubling article from the Bolivar Commercial spells out why Mississippi may be removed from the National Flood Insurance Program as early as this spring. The issue is over a state law prohibiting counties and cities from enforcing building codes, including local floodplain management ordinances, against qualified hunting and fishing camps. The NFIP requires that […]
New Jersey Community Gets Serious About NFIP Compliance
Posted on August 14, 2011
Sea Isle City, NJ isn’t messing around with National Flood Insurance Program compliance issues. The city recently sent out 193 court summons to owners of non-compliant structures (mostly concerning inadequate flood vents and illegal conversions of below-home storage into living space) telling them to get their structures in order. The city’s motivation? The possible benefits […]
Proposed Extension to NFIP Would Add Wind Data, Not Wind Coverage
Posted on June 24, 2011
The US Senate is considering an extension to the NFIP that would add a provision wherein the government would assign a ratio of damage caused by water (covered by the NFIP) vs wind (generally covered by homeowner’s insurance). The Coastal Act would use data already gathered by NOAA and FEMA to determine the breakdown. You […]
How Residents Can Lower (or Keep) Homeowner’s Insurance
Posted on June 14, 2011
A good short article on Al.com on how building smarter can do more than just keep buildings safe, it can lower homeowner insurance premiums (to lower flood insurance rates, learn more about the Community Rating System). We’ve long been fans of freeboard, and have touted how much money it can save homeowners. What’s great about […]
FEMA Releases New Community Rating System 2-Pager
Posted on May 10, 2011
They’re still working on an updated and expanded website, but the Community Rating System has a new 2-page summary of their program. You can download the PDF here.
Great New Publication on Elevating Existing Homes
Posted on April 14, 2011
We all know that the best way to keep buildings out of flood waters is to keep them out of areas that flood. The reality for most communities, though, is that homes and other structures are already in areas that flood. What to do then? There are many options, of course. You could somehow acquire […]
Sea Level Rise and Beaches: Not a Pretty Combination
Posted on March 7, 2011
Orrin Pilkey, always a lightening-rod for coastal climate change issues, has written a gloomy forecast for the world’s beaches, and has the photos to justify his positions. He acknowledges that predicting the effects of sea level rise on beaches is complex, and that results will vary greatly depending on many factors. But overall, the picture […]